Industry News


Minimum-service standards part of previous law that was later amended

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Inman News earlier reported that Florida was among the states that have passed laws setting service requirements for real estate professionals. These laws are sometimes referred to as "minimum-service laws" because they establish a range of services that real estate professionals must provide for clients – at all times or in some instances. The Florida Legislature in 1997 passed a real estate law that has been amended several times – most recently by the state Legislature in 2004. The law sets service requirements for agents and brokers. The law states that brokers who provide "a limited form of representation to a buyer, a seller, or both in a real estate transaction but (do) not represent either in a fiduciary capacity or as a single agent," must provide certain duties, including: "Dealing honestly and fairly; accounting for all funds; using skill, care, and diligence in the transaction; disclosing all known facts that materially affect the value of residential real prope...